Godongwana defends the banks’ right to close accounts
Financial institutions will participate in evaluating improvements to Conduct Standard 3 of 2020, aligning these efforts with the COFI Bill.
#NationalTreasury
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
Treasury publishes draft amendments to two-pot legislation
The Bill provides for flexibility when provident and provident preservation funds perform the seeding calculation.
SA’s corporate tax base rests on a few large companies
More than 3.6 million companies were registered with SARS, and only 0.1% of them contributed 72.3% of corporate income tax revenue in 2022.
Criminal liability for small businesses that fail to register for VAT
Exceeding the R1m threshold without registering could have serious consequences for businesses. SARS is stepping up enforcement, with a wave of cases landing in the Specialised Commercial Crimes Court.
SARB warns of the risks if SA fails to exit the grey list by June 2025
The bank’s Financial Stability Review also flags the growing financial distress among households and SMMEs and the vulnerabilities in the commercial real estate sector.
R300m a year: the price tag of administering the two-pot system
The FSCA is evaluating whether administration fees are reasonable. If it believes they are not, it will explore whether it is necessary to cap or regulate fees.
National Treasury eyes digital public infrastructure overhaul
But with challenges around outdated systems, procurement bottlenecks, and cybersecurity risks, will the government be able to harness the full potential of South Africa’s digital future?
Treasury proposes new framework to regulate hedge funds outside CIS
The proposal is for hedge funds to be subject to a different tax regime, potentially removing the ‘revenue versus capital distinction’ that causes tax uncertainty.
Concerns about proposed tax policy framework for alcohol industry
The proposed minimum unit price for alcohol could make drinking less affordable and curb harmful consumption, but critics argue it may unintentionally fuel the already substantial illicit alcohol market.
SIU investigation to uncover irregular claims from 2021 unrest
SASRIA says the proclamation issued by President Ramaphosa follows its request for assistance from the Special Investigating Unit.
Treasury analysing SARS data in considering a possible wealth tax
MPs are also told that the fiscus cannot afford a permanent and expanded Social Relief of Distress grant without tax increases.
Is the FSCA preparing for auto-enrolment to expand retirement coverage?
After years of stalled progress, the FSCA’s recent comments suggest National Treasury may renew its push for auto-enrolment.
Fiscal challenges: insights from the 2024 Medium-Term Budget Policy Statement
The Medium-Term Budget Policy Statement reveals a budget surplus and reduced wage bill, but it warns of ongoing financial pressures due to modest economic growth projections.
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
Amendment to ADR process may resolve tax disputes faster
Taxpayers may soon have a faster, cost-effective way to resolve disputes with SARS through alternative dispute resolution at the objection phase.
Treasury accepts most of the industry’s two-pot proposed amendments
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
